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Question - Withdrawal of a Partner - Greg is retiring from the partnership of Guera, Guil and Greg. The profit and loss ratio is 2:2:1, respectively. After the accountant has posted the revaluation and closing entries, the credit balances in the capital accounts are: Guera, P530,000; Guil, P430,000 and Greg, P210,000.
Required - Journalize the journal entries to record the retirement of Greg under each of the following unrelated assumptions:
1. Greg retires taking P210,000 of partnership cash for her equity.
2. Greg retires taking P270,000 of partnership cash for her equity.
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